An area situated immediately south-east of Elliston has been explored for diamonds, in conjunction with similar work being carried out by the joint venture on Flinders Island and on its adjoining Venus Bay, Colton and Polda mineral exploration licences. Limited heavy mineral loam sampling (13 samples) was done during late 1973 as infill to historical surface sampling for diamond indicators, but the operation was hindered by wet weather conditions. Samples obtained from near the Flinders Highway east of South Lake yielded high grain counts of picroilmenite and some fresh olivine. In January 2004, 71 of the diamond indicator heavy mineral grains were electron microprobed, and the fresh olivines were found to have high MgO, high MnO and very low NiO, possibly suggestive of a thermally metamorphosed igneous rock source having peridotite composition. During the 2004-2005 licence year two samples of a granite gneiss that outcrops near Bramfield were submitted for detailed whole rock geochemical analyses, petrological determinations and zircon U/Pb dating, as part of a regional study of granite characteristics being performed by Macquarie University. The intrusion was found to have a metamorphically overprinted Palaeoproterozoic crystallization age of 2440 +/- 14 Ma, that corresponds to within the period of the Sleafordian Orogeny. During 2005-2006, the licensees' evaluation of all of their regional diamond prospectivity data showed them that the Elliston licence area had a perceived lower diamond discovery potential than the mineralogically anomalous Flinders Island and northern Venus Bay areas, and so it was decided to focus further activity on these other licences and to surrender the subject EL 2928.